Azer-Turk Bank is Azerbaijani state-owned

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becau ...

that provides

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and

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

ing services. It is an open joint stock company established on May 25, 1995 based on a license issued by the

National Bank of Azerbaijan The Central Bank of Azerbaijan (CBA, az, Azərbaycan Mərkəzi Bankı) is the central bank of Azerbaijan Republic. The headquarters of the bank is located in the capital city Baku. The National Bank of the Republic of Azerbaijan was establis ...

Republic. , the bank's total capital exceeded AZN 50 mln (US$29 mln). Based on the banks license it can attract deposits, grant credits in its own name, as well as to perform transfers and settlement-and-cash transactions on behalf of clients. It can also carry out other types of activities stipulated by the ''Bank Law of the Azerbaijani Republic'' at its own or clients’ expense, excluding activities in the field of purchase and sale of precious metals and gems, attraction to deposit and placement of precious metals. The Azer-Turk Bank Open Joint-Stock Company maintains correspondence relations with banks of Turkey, United States, England, Germany and Russia.

History

The Azer-Turk Bank Open Joint-Stock Company was founded on May 25, 1995 on the ground of ''license number 234'' of the

Central Bank of Azerbaijan The Central Bank of Azerbaijan (CBA, az, Azərbaycan Mərkəzi Bankı) is the central bank of Azerbaijan Republic. The headquarters of the bank is located in the capital city Baku. The National Bank of the Republic of Azerbaijan was establis ...

dated June 29, 1995 the Bank started its activities on July 11, 1995.

Operations

The banking license issued by the Central Bank of Azerbaijan grants the Bank the right to attract deposits or other floating assets in national and foreign from physical and legal parties, grant credits in its own name and at its own expense, as well as to perform transfers and settlement-and-cash transactions on behalf of clients as a whole. The Azer-Turk Bank is the member of the ''Inter-Bank Exchange Market of Baku'', the ''Bank Association of Azerbaijan'', the ''Stock Exchange of Baku'', the ''MilliKart Processing Centre'', the

SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT ...

and the KОMİS payment systems, as well as the

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, Universal Payment Transfer, Contact and Monex international quick money transfer systems, including the international card organization MasterCard International.

Owners

The bank is majority state owned but has the following shareholders:Azer-Turk Bank
/ref> * ''Property Issues of Azerbaijan Republic'' (75.00%) * ''Ziraat Bank of the Republic of Turkey'' (12.37%) * ''AzRe Reinsurance OJSC'' (6.55%) * ''Qala Life İnsurance Company OJSC'' (5.00%) * ''Ziraat Bank İnternational AG'' (1.08%)

Head office

85; 192/193 J.Mammadguluzadeh str., Baku, Azerbaijan

References

{{Reflist

External links

Bank website
Economy of Azerbaijan Banks of Azerbaijan Banks established in 1995 1995 establishments in Azerbaijan